- Net income for First Resource Bancorp (FRSB, Financial) rose 27% year-over-year to $1.7 million in Q1 2025.
- Total deposits increased by 4%, reaching $574.0 million during Q1 2025.
- The bank's net interest margin expanded to 3.60%.
First Resource Bancorp, Inc. (OTCQX: FRSB) reported robust financial performance for the first quarter of 2025, driven by substantial growth in net income and an expanding net interest margin. The bank's net income reached $1.7 million, reflecting a 27% increase compared to the same period last year, and a 67% rise from the previous quarter. Earnings per share also saw a significant boost, climbing 30% year-over-year to $0.56.
Notably, First Resource Bancorp's net interest margin grew by 10 basis points quarter-over-quarter to 3.60%, supported by a 16% increase in total interest income. The improved margin and income were partly due to strategic pricing and a favorable repricing environment for loans.
The bank achieved a 4% growth in total deposits, ending the quarter at $574.0 million, and reported a 12% year-over-year increase in deposits, primarily driven by gains in interest-bearing accounts. The loan portfolio expanded by 1% to $605.0 million, with notable growth in commercial business, construction, and consumer loans, despite a decrease in commercial real estate loans.
Additionally, First Resource Bancorp continued its stock repurchase program, buying back 9,248 shares at an average price of $14.62, contributing to a 4% increase in book value per share to $17.34 as of March 31, 2025. The company also reported a decrease in non-performing assets to total assets ratio, now at 0.04%, down from 0.19% in the previous quarter.
